The euro: State money without a state

For the euro to survive in the form it has assumed during the crisis of European Monetary Union, a proper state with a strong center is needed for support. But the emergence of a European state is not on the political horizon.

Without a single European state as its guardian and guarantor, the euro must be reconstituted in a commodity money order, the order originally intended for it in the Maastricht Treaty. If this is not done, the question is not whether but only when EMU will collapse and the euro disappear.

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